Eric Daniels, chief executive of Lloyds Banking Group, who bowed to public pressure by waiving his 2009 bonus, could be in line for a cash and shares pay deal of more than £6m in the coming years after being awarded 5.1m shares today by the loss-making bank.

The 5.1m shares – currently worth £3.2m – were made under a long-term plan and come on top of 3.6m shares worth almost £2m when awarded at 55p last year and will pay out in 2012 depending performance targets are reached. He also has a £1.1m salary and benefits deal.

The shares awards, are among £14m handed to seven senior directors of the bank, which rescued HBOS during the 2008 banking crisis and is 41% owned by the taxpayer. The disclosure of the share awards, which will only pay out in full in three years if the price rises from 64p to 114p and meet other targets linked to profit, was made in a stock market announcement alongside an annual report in which the bank expresses concern that its executives are underpaid.

The chairman of the remuneration committee, Wolfgang Berndt, announced this week he would resign at the annual meeting in May after pressure from the government over concerns that he had awarded a £2.3m bonus to Daniels – which the chief executive has turned down. But the annual report shows Daniel's four boardroom colleagues did not take similar action to forgo their bonuses and have received more than £3m between them.

Angry shareholders, including UK Financial Investments – which looks after the taxpayers' stake in the bailed-out banks – appear to have convinced the bank's remuneration committee to promise to take more care in deciding bonuses next year.

In his statement in the annual report, Berndt said: "Reflecting shareholder concern on this matter, the committee will review performance against the targets for the 2010 plans, taking into account the overall operating performance in the business in determining how much any bonus will be paid out.

"The committee also reserves the right to exercise its discretion in reducing any payment that otherwise would have been earned, if they deem this appropriate."

But he also expresses concern about the overall pay levels. "The committee does have concerns that by continuing to hold base pay levels at 2008 levels, remuneration for the executive directors is likely to become uncompetitive versus our peer group," he said.

Daniels' base salary of £1m is enhanced by benefits that took his total pay to £1.1m – down on the £1.5m he received in 2008. Truett Tate, who runs the wholesale bank, was the highest paid director on the board with a £640,000 salary topped by a £1.1m bonus to take his total to £1.8m. Finance director Tim Tookey had a £1.1m bonus to take his pay to £1.7m, while Helen Weir, who heads the retail bank, had a £1m bonus to take home £1.7m. The other boardroom executive Archie Kane who runs the investment arm received £1.5m, including a £885,000 bonus. The bonuses are paid in shares and will be released in 2012.

The annual report shows that former chairman Sir Victor Blank, who was forced to promise to step down before last year's annual meeting and eventually left in September, continued to be paid until the end of January 2010. He donated the £213,333 he received since September to charity. Until then he received £683,000. The new chairman Sir Win Bischoff is on £700,000.

A spokesman for Lloyds stressed that the boardroom bosses would only receive the shares they had been awarded if the performance conditions were met. "They will only be awarded if very significant value is created for shareholders," the spokesman said.